In the course of an afternoon, Hansen went from would-be NBA team owner and professional sports arena developer to commercial property manager.

Hansen, who could not be reached on Thursday, is putting the best face on being turned down by the NBA. One theme of the brief public statement he put on his website is that he’s not giving up on his plans to bring pro basketball back to Seattle nor plans to build a $490 million sports and entertainment arena.

Hansen could have asked the city to stop reviewing plans for his proposed $490 million sports and entertainment arena. But according to the city’s website, a city board is still scheduled to review the design on June 4, though the site states that the meeting is only “tentatively scheduled.”

It could be years, however, before Hansen lands a team. In the meantime, what should he do with all of the Sodo property he now owns? He paid nearly $64.7 million (subscription required) for the real estate. That’s almost $15 million more than the King County assessment of the land.

Given how much Hansen paid for the real estate, there is no interim use that would generate the kind of income needed to make the investment pencil out. It’s either the arena or nothing.

"He’s got a dilemma on his hands,” said Ian G. J. MacNeil, the owner of Glass Distillery, a vodka-making business in one of Hansen’s properties. “If he can’t build a stadium there, (the value) goes back to market price.”

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